Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Just for the record, this is just judge Seeborg formally approving the change in attorneys. Just routine.
I'm pretty sure it's normal, WhamBoy. As long as the firm only have lawyers working for one side.
Back at the end of October, SN in the Texas case replaced attorney Robert Vining with another, Texas, attorney.
Now Mr. Vining has also been replaced in California. No explanation. Perhaps Mr. V. is unwell?
Interestingly, his replacement is a Mark D. Erickson of Haynes and Boone. Haynes and Boone are the firm which is also being used by FRR in London.
'2. They "up-armoured" their counsel by adding prominent Texas firm Haynes & Boone to the team, in addition to the solo-practitioner they've been using. The quality of their filings in terms of researched and in-depth argument seems to have increased markedly.'
Thanks, Njames. Good spot.
Interesting that what FRR have done with their lawyers here mirrors what they have done in California, where they have a trusty local man who knows his way around the systems and personnel of the local courts, and have reinforced him with some heavyweights from outside. Has Mr. Linsenmayer been advising on tactics?
Don't know what's going on with all these manoeuvres, but there definitely appears to be some overarching plan behind it all. Be surprised if there wasn't.
Nothing interesting. Just the judge agreeing to SN's change of attorney. (Ref. my post of 29/10/20 20.18).
The Cali case has nothing to do with personal property. Hope (and OMF) is being sued for being in breach of his fiduciary duties towards Frontera as an entity.
From the court's Joint Case Management Statement :-
'Plaintiffs allege that Mr. Hope, with the assistance of Outrider entities, and while a member of the Board of Directors, directed MaplesFS Limited ("Maples"), the collateral agent, to foreclose upon plaintiffs' property and liquidate all issued and outstanding shares of a subsidiary of FRC, Frontera Resources Caucasus Corporation ("FRCC"). Plaintiffs allege that Mr. Hope, with the assistance of Outrider entities, directed this activity to benefit himself and deliberately disregarded the interests of the plaintiffs and their stakeholders, and irreparably harm plaintiffs.'
FRCC was, I believe, where the license was thought to be held, and was obviously H/OMF's target. So, yes, the case is at least partially, perhaps mostly, about who owns the license. If FRR win, anything H/OMF has gained from an illicit takeover will have to be returned to FRR, including the license (if it's there!) The license will then be indisputably theirs for 7 years (as GD seems to be admitting), and they can get down to proper negotiations with a SM, GD, and any other interested parties. At last!
Sorry that May is a long way off. Perhaps H/OMF can be prised off our backs before then. Meanwhile, however, please try not to shoot the messenger!
Agree with you, Phil. GD say they are awaiting the result of the Cali court case to decide who currently owns the licence. (FRR obviously has a good claim to it over the next 7 years, or GD would have moved in by now). They'll end up negotiating with the Cali winners, so if FRR do win and then turn up with a monied SM or similar, things should look good.
I doubt that anyone will back down in the court case, so it should therefore run it's full course? It's due to finish in May. Chill out till then.
SN has substituted his counsel on this case (Robert Vining of Dallas), for another (Daniel Gold, also of Dallas). No explanations were given on the court docs.
As far as I know, Robert Vining is still on FRR's team in California. No news from there.
I don't think the deletions are really the fault of the LSE adjudicators. Someone with their own agenda has obviously complained to them, and they have responded to it. What the complaint was, and what the agenda is, we don't know, as the complainant hasn't had the courage or decency to argue their case with us, and is apparently hiding behind the cloak of complete anonymity when making further completely unfounded complaints to the adjudicators to extend the deletions. It's such a pity, as this BB is usually a real credit to the LSE brand. If the complaint could be made known to us, I'm quite sure we could point out it's falsity, though I realise that this is probably outside the adjudicator's processes. The complaints and deletions really are a complete abuse by the complainant of the adjudicators time and effort.
Just a thought. In the California (fiduciary) case, 12/10/20 was the last day for 'Non-Expert Discovery'. There have been no new entries on the trial's docket list, but I would think that any 'Non-Expert Discoveries' would by now have had to be disclosed to H/OMF. If H/OMF were to find such disclosures discomforting, it might explain H/OMF's recent move into publicity. Only speculation on my part.
For info, the next dates on the trial schedule are 16/11/20 - Last Day for Expert Disclosures, and 30/11/20 - Completion of Expert Discovery. Don't suppose we'll hear anything about them at the time, either.
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Nothing new, Ivy. That's the fiduciary case. All been reported.
Hope and OMF were already in trouble. They lost $88 million in the year to march 2019, leaving them down at $65 million. With that rate of loss, it could be expected that the downward direction has continued, and that pathetic attempt to garner support from the GG - well, need I say more.
In California, H/OMF were in danger of losing everything. I'm sure that FRR's lawyers could make out a good circumstantial case already - all they need is a piece of discovered evidence of chicanery and Outrider would be heading for the last round-up (don't forget that in Californian Civil Courts, it requires only a majority from 9 of the 12 jurors, and vulture funds certainly cannot rely on automatic sympathy!)
So, why are SN/ZM not waiting until the end of the court case. Probably timing. If they have a SM or similar waiting with some sort of offer, they need to legally resolve the ownership of the company and it's assets ASAP - seize the moment. Waiting for the court case to be settled means that everything will be delayed until May. So, I think the vulture will be made an offer it is in no position to refuse in order to get it out of the way.
I'd like to see the court case completed and H/OMF finished. But then, I need the money too, so let's get on with it.
I suppose we'll know if an appropriate note appears in the Cayman Islands Gazette, and someone tells us about it.
OK. He's passed on the message
To my pleasant surprise, I have received a reply from Mr. Kornblum. It is very brief and to the point and contains 2 very short sentences (both very civilised). As it also contains a big mass-copied-but-important-looking CONFIDENTIAL notice and it's from a lawyer, however, I feel it might be wise to tell you in my own terms!
Mr. K says the matter is not directly in his area of responsibility, but has done what I asked with the message.
I am happy.
That was my thinking, Arsenal. As a lawyer in the case, Mr. K will want to be paid. He knows that he probably won't be if the case is pulled early - so the message will, IMO, certainly be passed to SN. At the moment, I would say that is the most important consideration. If they think I'm a stupid amateur, that's fine - as long as the case continues.
In fact 'Frontera Resources Corporation'.
Phil - The main heading, above what was copied here, was indeed 'Frontera'.
Just sent the following to California. Not expecting a reply. Will let you know if one appears.
DANGER OF COMPANY BEING STRUCK OFF?
Dear Mr. Kornblum,
I am a shareholder of the above company, and I understand you to be the lead attorney for their fiduciary case against Outrider LLC.
Yesterday, another shareholder, whom I know only by his Bulletin Board handle of ZiggyZag, posted the following :-
__________________________________________________________
I regularly look at Caymans Gazette to see if anything announced by FTI re Final Meeting re liquidation , not seen anything yet .
However below after heading , is an extraction from the A-Z list of companies affected in yesterdays edition .
Struck-off List
THE COMPANIES LAW (2020 Revision)
TAKE NOTICE THAT the Registrar of Companies, having reasonable cause to believe that the undermentioned companies incorporated under the laws of the Cayman Islands are no longer carrying on business or are not in compliance with Sections 168 and 169, intends to strike the said companies from the Register as of the 30th October 2020, in accordance with the provisions of Section 156 of the Companies Law.
CINDY JEFFERSON-BULGIN Registrar of Companies
Monday 12 October 2020
FRONTERA INTERNATIONAL CORPORATION
FRONTERA RESOURCES CORPORATION
FRONTERA RESOURCES GEORGIA CORPORATION
FRONTERA RESOURCES OVERSEAS CORPORATION
_______________________________________________________________
I hope that this lack of payment to the Cayman Islands Registrar is due to the payment request being missed due to a lack of back office staff; and understand that this striking off is reversible by the payment of the requisite fee and and penalty for late payment.
As a striking off would mean, I believe, that FRC anf FIC would cease to exist, and that this would mean your case in California would be brought to a premature halt, I would say that this payment needs to made as a matter of considerable urgency. Could you therefore, please be so kind as to pass on this message to Steven Nicandros for his exigent consideration?
Thank you.
I'm sorry to write to you in this way, but I have no other usable contact.
(End)
Ziggy - Just realised that perhaps I shouldn't have used your id name without your permission. My apologies. Just wanted to give you credit for the excellent discovery. Hope you're not offended.